April 16, 2021

Milbank Advises Public Power Corporation S.A. on the Establishment of Its €325M Energy Receivables Securitisation


Milbank LLP has advised Public Power Corporation S.A. (“PPC”), Greece's incumbent electricity supplier, as originator, servicer and subordinated investor in relation to the establishment of PPC’s second energy receivables securitisation program. The securitisation will provide PPC with access to senior funding of up to €325 million and finances a portfolio initially comprising non-performing consumer and corporate energy receivables under customer contracts with one or more receivable over 90 days past due, originated by PPC from its supply of electricity in Greece. The transaction is expected to fund later this year.

This securitisation follows on from the establishment of PPC’s first energy receivables securitisation program established in August 2020 which provided senior funding of up to €200 million and its landmark offering of €650 million 3.875% sustainability-linked senior notes due 2026.

This securitisation program highlights Milbank’s continuing role as trusted international counsel for PPC and represents another market-leading transaction in Greece that the Milbank team has advised on, adding to Milbank’s world leading securitisation capabilities and legal presence in Greece.

The Milbank transaction team was led by European Leveraged Finance/Capital Markets partner Apostolos Gkoutzinis and Structured Finance partner James Warbey and associates Robert Wysee Jackson and Peter West. Tax support was provided by partner Russell Jacobs and associate Steve Quinn and data protection advice was provided by partner Joel Harrison and associate Natasha Neale.